Ajman University and Noor Bank have launched a Dh3.2 million ($870,000) waqf (endowment) initiative to promote the Islamic banking and finance industry in the UAE, a media report said.

The move followed a landmark agreement signed between the two parties to establish the Noor Fund for Educational Solidarity that provides, in perpetuity, an endowed professorship and four scholarships in Islamic Banking and Finance (IBF) at the College of Business Administration at the university, reported Emirates news agency Wam.

Ajman University chancellor Dr Karim Seghir said: "By matching the investment returns earmarked for scholarships, Ajman University will double the yearly amount of funding available to qualifying students from the College of Business Administration."

The Noor Fund supports the vision of Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and Chairman of Ajman University’s Board of Trustees, as well as the mission and strategic goals of the institution, Dr Seghir added.

John Iossifidis, chief executive officer of Noor Bank, said: "Education is the foundation on which our future is built. To this end, it is absolutely essential that students have access to world-class education and these scholarships and the professorship are our way of reinforcing that very foundation."

"With this fund, our hope is that we can attract top talents, who are passionate about Islamic banking and finance, and provide them with the right opportunities to create new frontiers in this thriving industry,” he added.